{"id":10293,"date":"2018-04-02T15:21:00","date_gmt":"2018-04-02T19:21:00","guid":{"rendered":"https:\/\/www.sage.com\/en-us\/blog\/?p=10293"},"modified":"2023-07-25T05:18:21","modified_gmt":"2023-07-25T09:18:21","slug":"contracts-billing-and-contracts-revenue-recognition-a-sweet-success","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-us\/blog\/contracts-billing-and-contracts-revenue-recognition-a-sweet-success\/","title":{"rendered":"Contracts billing and contracts revenue recognition: a sweet success"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/category\/accountants\/\" class=\"entry-header__link\">Accountants<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\tContracts billing and contracts revenue recognition: a sweet success\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2018-04-02T15:21:00-04:00\">April 2, 2018<\/time><\/span><span class=\"reading-time\"> min read<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"Contracts billing and contracts revenue recognition: a sweet success\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-us\/blog\/contracts-billing-and-contracts-revenue-recognition-a-sweet-success\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n\t<\/header>\n\n\n<div class=\"wp-block-post-author has-dark-background-color alignfull\">\n\t<div class=\"container\">\n\t\t<div class=\"col\">\n\t\t\t\t\t\t\t<div class=\"co-authors\">\n\t\t\t\t\t\n\t\t<div class=\"entry-author-wrapper\">\n\t\t\t<a class=\"entry-author\" href=\"https:\/\/www.sage.com\/en-us\/blog\/author\/leap-the-pond\/\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"40\" height=\"40\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/05\/Sage-Advice-YT-logo-1-350x350.png\" class=\"entry-author__image\" alt=\"Person wilth loudspeaker anime\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/05\/Sage-Advice-YT-logo-1-350x350.png 350w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/05\/Sage-Advice-YT-logo-1.png 500w\" sizes=\"auto, (max-width: 40px) 100vw, 40px\" \/>\t\t\t\t<span class=\"entry-author__name\">Leap the Pond<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<p class=\"\"><a href=\"http:\/\/www.rapidratings.com\/\" target=\"_blank\" rel=\"noopener\">Rapid Ratings<\/a>&nbsp;went live with&nbsp;<a href=\"https:\/\/www.sage.com\/en-us\/sage-business-cloud\/intacct\/?referral=LTP\n\" target=\"_blank\" rel=\"noopener\">Sage Intacct<\/a>&nbsp;in October 2015. During the implementation of a new accounting software solution, it is common to evaluate internal business processes. After reviewing their cash-to-order process they wanted to reduce the manual effort surrounding the invoice creation process.<\/p>\n\n\n\n<p class=\"\">Rapid Ratings was using Excel to manage their invoicing process, which led to avoidable errors, end-of-the month bottlenecks, and an exorbitant amount of wasted time.&nbsp;They needed a solution that could:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Automate the creation of invoices<\/li>\n\n\n\n<li>Automate revenue recognition and commission expense in accordance with\u00a0<a href=\"https:\/\/www.sage.com\/en-us\/sage-business-cloud\/intacct\/\" target=\"_blank\" rel=\"noreferrer noopener\">ASC 606<\/a><\/li>\n\n\n\n<li>Reduce the manual efforts of their accounting department and sales team<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Implementing Sage Intacct Contracts Billing and Contracts Revenue Recognition<\/h2>\n\n\n\n<p class=\"\">In May 2017, Rapid Ratings chose to adopt Sage Intacct\u00a0<a href=\"https:\/\/www.sage.com\/en-us\/sage-business-cloud\/intacct\/product-capabilities\/extended-capabilities\/subscription-billing\/\" target=\"_blank\" rel=\"noreferrer noopener\">Contracts Billing<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.sage.com\/en-us\/sage-business-cloud\/intacct\/product-capabilities\/extended-capabilities\/revenue-recognition\/\" target=\"_blank\" rel=\"noreferrer noopener\">Contracts Revenue Recognition<\/a>\u00a0functionalities, as well as integrate their Sage Intacct environment with the Salesforce CRM platform. The Contracts Module helps ease the pain of using manual methods and disconnected applications, in addition to leveraging best-in-class revenue management capabilities. The module allows also for dual treatment of contracts according to both\u00a0ASC 605 and ASC 606. This provides organizations with immediate visibility into how the upcoming guideline changes impact financials.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Seeing Results<\/h2>\n\n\n\n<p class=\"\">\u201cLeap the Pond was instrumental in helping us realize we can implement the Sage Intacct\u00a0<a href=\"https:\/\/www.sage.com\/en-us\/sage-business-cloud\/intacct\/product-capabilities\/extended-capabilities\/subscription-billing\/\" target=\"_blank\" rel=\"noreferrer noopener\">Contracts Billing<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.sage.com\/en-us\/sage-business-cloud\/intacct\/product-capabilities\/extended-capabilities\/revenue-recognition\/\" target=\"_blank\" rel=\"noreferrer noopener\">Contracts Revenue Recognition<\/a>. They were very responsive and kept us on track with our big picture goals,\u201d said Elliot Goldman, Controller, Rapid Ratings.<\/p>\n\n\n\n<p class=\"\">Before implementing the Sage Intacct Contracts, Rapid Ratings\u2019 the accounting team spent a majority of their time manually entering in invoices and updating excel spreadsheets to calculate revenue and commission expense. Since implementation, those tasks are now automated, they now have the time to focus on growing professionally and learning new skills to bring more to the business.<\/p>\n\n\n\n<p class=\"\">Since Rapid Ratings\u2019 implementation, they have:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Improved the time to close accounts receivable, commissions and revenue to the first business day of the month-end close,&nbsp;a time reduction of four days using their old manual method<\/li>\n\n\n\n<li>Simplified and streamlined key accounting processes<\/li>\n\n\n\n<li>Improved overall efficiencies,&nbsp;invoices are automatically sent out within one business day of deals closing<\/li>\n\n\n\n<li>Increased interdepartmental communication, the sales team is more in the loop of what\u2019s happening on the accounting side<\/li>\n<\/ul>\n\n\n\n<p class=\"\">To read more success stories like this, select\u00a0<a href=\"https:\/\/www.sage.com\/en-us\/success-stories\/\n\">here<\/a>.<\/p>\n\n\n\n<p class=\"\"><\/p>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Subscribe to our Sage Advice Newsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Get our latest business advice delivered directly to your inbox.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-ab515c6e-7e90-4c2f-a67e-113872516e8b\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Subscribe<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1073797282-1440x810.jpg\" class=\"single-cta__image\" alt=\"Working from home with tea in hand\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1073797282-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Rapid Ratings&nbsp;went live with&nbsp;Sage Intacct&nbsp;in October 2015. During the implementation of a new accounting software solution, it is common to evaluate internal business processes. After reviewing their cash-to-order process they wanted to reduce the manual effort surrounding the invoice creation process. Rapid Ratings was using Excel to manage their invoicing process, which led to avoidable [&hellip;]<\/p>\n","protected":false},"author":1524,"featured_media":9099,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"sage_hide_published_date":false,"sage_hide_read_time":false,"sage_hide_share_buttons":false,"footnotes":""},"categories":[158],"tags":[2,420,168],"business_type":[312],"lilypad":[],"context":[418,429],"industry":[57,450],"persona":[150,98],"imagine_tag":[209,215,436,441],"coauthors":[897],"class_list":["post-10293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accountants","tag-accountants","tag-cloud-financial-management","tag-sage-accounting","business_type-accountants","industry-financial-services","industry-software-saas"],"sage_meta":{"region":"en-us","author_name":"Leap the Pond","featured_image":"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1217755722.jpg","imagine_tags":{"209":"Accounting","215":"HR and Payroll","436":"Intacct Accounting","441":"Intacct Payroll And HR"}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice US","distributor_original_site_url":"https:\/\/www.sage.com\/en-us\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/10293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/users\/1524"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/comments?post=10293"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/10293\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media\/9099"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media?parent=10293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/categories?post=10293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/tags?post=10293"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/business_type?post=10293"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/lilypad?post=10293"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/context?post=10293"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/industry?post=10293"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/persona?post=10293"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/imagine_tag?post=10293"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/coauthors?post=10293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}